GNVC » Topics » (13) SUBSEQUENT EVENT

These excerpts taken from the GNVC 10-K filed Mar 16, 2009.

(13) SUBSEQUENT EVENT

On January 29, 2009, we announced a corporate restructuring plan to help us lower our operating costs and our projected use of cash, including the elimination of 22 positions. The plan reduced our workforce to 98 full-time positions. Approximately $270,000 of termination expenses are expected to be incurred in the first quarter of 2009 as a result of this corporate restructuring plan.

On March 11, 2009, we signed an amendment to our lease agreement for our Gaithersburg facilities. The lease will expire on October 31, 2014.

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(13) SUBSEQUENT EVENT

On January 29, 2009, we announced a corporate restructuring plan to help us lower our operating costs and our projected use of cash, including the elimination of 22 positions. The plan reduced our workforce to 98 full-time positions. Approximately $270,000 of termination expenses are expected to be incurred in the first quarter of 2009 as a result of this corporate restructuring plan.

On March 11, 2009, we signed an amendment to our lease agreement for our Gaithersburg facilities. The lease will expire on October 31, 2014.

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EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 16, 2009
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